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• Abu Dhabi likely to accept 100% foreign ownership

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  Dr. Nilgün Birgören    Premium Member   Group moderator

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  Abu Dhabi likely to accept 100% foreign ownership

  
  
  
  
  Abu Dhabi is likely to accept the federal proposition to allow 100 per cent foreign ownership on certain businesses, a senior government official said.
  
  Dr Basil Al Bustany, Chief Economic Advisor at Abu Dhabi Department of Economic Development (DED), said the proposal to have full foreign ownership has been suggested by the Ministry of Economy but no such indication has been announced in the UAE Capital.
  
  "There has been no indication of that but the trend is for Abu Dhabi to accept it," he told Emirates Business on the sidelines of Dubai Economic Forum. "The controls beyond the foreign free zones will be relaxed. The talk is about the size of the capital and in some areas as some starters but you will never know what will come next," Al Bustany added.
  
  Abu Dhabi will witness a 3-3.5 % GDP growth in 2010 up from the two per cent growth this year.
  
  The UAE's largest emirate will see seven per cent non-oil GDP next year while it will "catch up" on oil GDP next year due to continued economic activity in Abu Dhabi, said Al Bustany.
  
  "We could very quickly absorb the impact of the global crisis, we just issued our economic plan and we have major projects which could really up lift the economy very quickly," he said.
  
  Mega projects are now being gradually released. "New projects are coming, for example the Yas Island looks like a country in itself. The sources of growth now are real estate and construction but other areas such as tourism and SMEs are coming online as well," he added.
  
  • 28 Oct 2009, 8:32 pm
  Dr. Nilgün Birgören wrote: > Abu Dhabi is likely to accept the federal proposition to allow 100 > per cent foreign ownership on certain businesses, a senior government > official said. > > Dr Basil Al Bustany, Chief Economic Advisor at Abu Dhabi Department > of Economic Development (DED), said the proposal to have full foreign > ownership has been suggested by the Ministry of Economy but no such > indication has been announced in the UAE Capital. > > "There has been no indication of that but the trend is for Abu Dhabi > to accept it," he told Emirates Business on the sidelines of Dubai > Economic Forum. "The controls beyond the foreign free zones will be > relaxed. The talk is about the size of the capital and in some areas > as some starters but you will never know what will come next," Al > Bustany added. > > Abu Dhabi will witness a 3-3.5 % GDP growth in 2010 up from the two > per cent growth this year. > > The UAE's largest emirate will see seven per cent non-oil GDP next > year while it will "catch up" on oil GDP next year due to continued > economic activity in Abu Dhabi, said Al Bustany. > > "We could very quickly absorb the impact of the global crisis, we > just issued our economic plan and we have major projects which could > really up lift the economy very quickly," he said. > > Mega projects are now being gradually released. "New projects are > coming, for example the Yas Island looks like a country in itself. > The sources of growth now are real estate and construction but other > areas such as tourism and SMEs are coming online as well," he added.